Cyprus' national airline to shut down after breaking EU rules on state financial aid

January 9, 2015 5:30 PM

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NICOSIA, Cyprus – Officials say Cyprus' national airline will lose its operating license and stop flights after the European Union ruled that it had illegally received tens of millions of euros in state aid.

Finance Minister Harris Georgiades and Communications Minister Marios Demetriades said Friday that Cyprus Airways will cease operations right away and that an administrator will be appointed to wind down the company.